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Stop Paying Rent

How to Stop Paying Rent and Own Your Own Home

 

Don’t pay another cent in rent to your landlord! 

 

It’s a dream we all have – to own our own home and stop paying rent.  But if you’re like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours.  How could it when you’re not even permitted to bang in a nail or two without a hassle?  You feel like you’re stuck in the renter’s rut with no way of rising up out of it and owning your own home

Well, don’t feel trapped anymore!  It doesn’t matter how long you’ve been renting, or how insurmountable your financial situation may seem.  The truth is, there are some little known facts that can help you get over the hump, and transfer your status from renter to homeowner.  With this information, you will begin to see how you really can:

– save for a down payment

– stop lining your landlord’s pockets, and
– stop wasting thousands of dollars on rent.

 

6 Little Known Facts That Can Help You Buy Your First Home

 

The problem that most renters face isn’t your ability to meet a monthly payment. Goodness knows you must meet this monthly obligation every 30 days already. The problem is accumulating enough capital to make a down payment on something more permanent.

But saving for this lump sum doesn’t have to be as difficult as you might think.  Consider the following 6 important points:

You can buy a home with much less down than you think.

There are some local or federal government programs (such as 1st time buyer programs) to help people get into the housing market.  You can qualify as a first time buyer even if your spouse has  owned a home before as long as your name was not registered.  Ensure your real estate agent is informed and knowledgeable in this important area and can offer programs to help you with your options.

You may be able to get your lender to help you with your down payment and closing costs.

Even if you do not have enough cash for a down-payment, if you are debt-free, and own an asset free and clear (such as a car, for example), your lending institution may be able to lend you the down-payment for your home by securing it against this asset.

 

You may be able to find a seller to help you buy and finance your home.

Some sellers may be willing to hold a second mortgage for you as a “seller take-back.”  In this case, the seller becomes your lending institution.  Instead of paying this seller a lump-sum full amount for his or her home, you would pay monthly mortgage installments.

 

You may be able to create a cash down payment without actually going into debt.

By borrowing money for certain investments to a specified level, you may be able to generate a significant tax refund for yourself that you can use as a down-payment.  While the money borrowed for these investments is technically a loan, the monthly amount paid can be small, and the money invested in both home and investment will be yours in the end.

You can buy a home even if you have problems with your credit rating.

If you can come up with more than the minimum down-payment, or can secure the loan with other equity, many lending institutions will consider you for a mortgage.  Alternatively, a seller take-back mortgage could also help you in this situation.

 

You can, and should, get preapproved for a home loan before you go looking for a home.

Preapproval is easy, and can give you complete peace-of-mind when shopping for your home. Mortgage experts can obtain written preapproval for you at no cost and no obligation, and it can all be done quite easily over-the-phone.  More than just a verbal approval from your lending institution, a written preapproval is as good as money in the bank.  It entails a completed credit application, and a certificate which guarantees you a mortgage to the specified level when you find the home you’re looking for.

 

 

Consider dealing only with a professional who specializes in mortgages.  Enlisting their services can make the difference between obtaining a mortgage, and being stuck in the renter’s rut forever. Typically there is no cost or obligation to enquire.

To sum up, there are many important issues you should be aware of that affect you as a renter.  Why on earth would you continue to lose thousands by throwing it away on rent when with your agent you could take a few minutes to discuss your specific needs so that you can stop renting and start owning?

This conversation costs you nothing. And, of course, you shouldn’t have to feel obligated to buy a home at the time you review this.  But by taking the time to explore your options, and learn about the ways you can afford to buy a home, think how prepared and relaxed you’ll be when you are ready to make this important step.

9 Buyer Traps & How to Avoid Them

No matter which way you look at it, buying a home is a major investment.  But for many home buyers, it can be an even more expensive process than it needs to be because many fall prey to at least a few of the many common and costly mistakes which trap them into either:

* paying too much for the home they want, or
* losing their dream home to another buyer or,
* (worse) buying the wrong home for their needs.

A systemized approach to the home buying process can help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that’s best for you.

This important article discusses the 9 most common and costly of these homebuyer traps, how to identify them, and what you can do to avoid them.

 

The 9 Buyer Traps

Bidding Blind

What price should you offer when you bid on a home?  Is the seller’s asking price too high, or does it represent a great deal?  If you fail to research the market in order to understand what comparable homes are selling for, making your offer would be like bdding blind.  Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value.

 

Buying the Wrong Home.

 

What are you looking for in a home?  A simple enough question, but the answer can be quite complex.  More than one buyer has been swept up in the emotion and excitement of the buying process only to find themselves the owner of a home that is either too big or too small.  Maybe they’re stuck with a longer than desired commute to work, or a dozen more fix-ups than they really want to deal with now that the excitement has died down.  Take the time upfront to clearly define your wants and needs.  Put it in writing and then use it as a yard stick with which to measure every home you look at.

Unclear Title.

 

Make sure very early on in the negotiation that you will own your new home free and clear by having a title search completed.  The last thing you want to discover when you’re in the back stretch of a transaction is that there are encumbrances on the property such as tax liens, undisclosed owners, easements, leases or the like.

Inaccurate Survey.

As part of your offer to purchase, make sure you request an updated property survey which clearly marks your boundaries.  If the survey is not current, you may find that there are structural changes that are not shown (e.g. additions to the house, a new swimming pool, a neighbor’s new fence which is extending a boundary line, etc.).  Be very clear on these issues.

Undisclosed Fix-ups.

 

Don’t expect every seller to own up to every physical detail that will need to be attended to.  Both you and the seller are out to maximize your investment.  Ensure that you conduct a thorough inspection of the home early in the process.  Consider hiring an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector’s report.  This inspector should be able to give you a report of any item that needs to be fixed with associated, approximate cost.


Not Getting Mortgage Preapproval.

Preapproval is fast, easy and free.  When you have a preapproved mortgage, you can shop for your home with a greater sense of freedom and security, knowing that the money will be there when you find the home of your dreams.

 

Contract Misses.

If a seller fails to comply to the letter of the contract by neglecting to attend to some repair issues, or changing the spirit of the agreement in some way, this could delay the final closing and settlement.  Agree ahead of time on a dollar amount for an escrow fund to cover items that the seller fails to follow through on. Prepare a list of agreed issues, walk through them, and check them off one by one.

 Hidden Costs.

 

Make sure you identify and uncover all costs – large and small – far enough ahead of time.  When a transaction closes, you will sometimes find fees for this or that sneaking through after the “sub”-total – fees such as loan disbursement charges, underwriting fees etc.  Understand these in advance by having your lender project total charges for you in writing.

 

 

 

Rushing the Closing.

Take your time during this critical part of the process, and insist on seeing all paperwork the day before you sign.  Make sure this documentation perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted.  Is the interest rate right?  Is everything covered?  If you rush this process on the day of closing, you may run into a last minute snag that you can’t fix without compromising the terms of the deal, the financing, or even the sale itself.

One More Tip…

Find out if your agent offers a Buyer Profile System or “House-hunting Service,” which takes the guesswork out of finding just the right home that matches your needs.  This type of program will crossmatch your criteria with ALL available homes on the market and supply you with printed information on an on-going basis. A program like this can help you to affordably move into
the home of your dreams.

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Residential For Sale

14 Mariner Drive, Antigonish, NS B2G 1Z4

7Bedroom(s)
4Bathroom(s)
SingleParking(s)
21Picture(s)
3,064Sqft
PG Direct Realty Ltd.
C$630000

Residential For Sale

14 Mariner Drive, Antigonish, NS B2G 1Z4
7Bedroom(s)
4Bathroom(s)
SingleParking(s)
3,064Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. This exceptional property presents a rare chance to own a spacious and income-generating residence in one of Antigonish’s most sought-after locations. The main home features five bedrooms and two and a half baths, offering generous living spaces ideal for student housing or multi-tenant arrangements.
C$630000

Residential For Sale

14 Mariner Drive, Antigonish, NS B2G 1Z4
PG Direct Realty Ltd.
7Bedroom(s)
4Bathroom(s)
C$630000

Residential For Sale

29 South Albion Street, Amherst, NS B4H 2W3

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
31Picture(s)
978Sqft
Coldwell Banker Performance Realty
C$179900

Residential For Sale

29 South Albion Street, Amherst, NS B4H 2W3
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
978Sqft
Coldwell Banker Performance Realty
This well built 2 bedroom, 1.5 bath home is close to all town amenities and offers incredible potential. Featuring vinyl windows, mini split heat pumps for efficient heating and cooling, a spacious 16x20 garage and a full height poured concrete basement, this property has all the right fundamentals.
C$179900

Residential For Sale

29 South Albion Street, Amherst, NS B4H 2W3
Coldwell Banker Performance Realty
2Bedroom(s)
2Bathroom(s)
C$179900

Residential For Sale

91 Cedarwood Crescent, New Minas, NS B4N 5J2

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
23Picture(s)
880Sqft
Exit Realty Town & Country
C$169900

Residential For Sale

91 Cedarwood Crescent, New Minas, NS B4N 5J2
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
880Sqft
Exit Realty Town & Country
Welcome to 91 Cedarwood Crescent, a 3-bedroom, 1-bath home offering an open-concept layout that connects the kitchen, dining, and living areas for easy, everyday living. The design makes excellent use of space and provides a comfortable flow throughout.
C$169900

Residential For Sale

91 Cedarwood Crescent, New Minas, NS B4N 5J2
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$169900

Residential For Sale

42 Charles Hiltz Road, Western Shore, NS B0J 3M0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
36Picture(s)
1,248Sqft
Engel & Volkers (Chester)
C$599000

Residential For Sale

42 Charles Hiltz Road, Western Shore, NS B0J 3M0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,248Sqft
Engel & Volkers (Chester)
SAILOR'S DELIGHT. Solidly built, bright, well maintained two bedroom, 1 ½ bath home on over one acre with +/-100' of direct oceanfront. Ideal waterfront to add a wharf to launch from to explore the many Mahone Bay islands. The property is comprised of two parcels being sold together.
C$599000

Residential For Sale

42 Charles Hiltz Road, Western Shore, NS B0J 3M0
Engel & Volkers (Chester)
3Bedroom(s)
2Bathroom(s)
C$599000

Residential For Sale

20 Mockingee Lane, Vaughan, NS B0N 2T0

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
40Picture(s)
900Sqft
Royal LePage Atlantic - Valley(Windsor)
C$759900

Residential For Sale

20 Mockingee Lane, Vaughan, NS B0N 2T0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
900Sqft
Royal LePage Atlantic - Valley(Windsor)
Welcome to your dream getaway on the water! This stunning modern-style lakefront home offers the perfect blend of comfort, efficiency, and natural beauty — all just 1 hour from Halifax, 30 minutes to Chester, and 15 minutes to the vibrant town of Windsor. Situated on a motorized lake, this 3-bedroom, 1-bath home is a paradise for outdoor enthusiasts and those seeking tranquility.
C$759900

Residential For Sale

20 Mockingee Lane, Vaughan, NS B0N 2T0
Royal LePage Atlantic - Valley(Windsor)
3Bedroom(s)
1Bathroom(s)
C$759900

Residential For Sale

612 Greenhill Road, Greenhill, NS B0K 2A0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
22Picture(s)
470Sqft
Royal LePage Atlantic - Valley(Windsor)
C$349000

Residential For Sale

612 Greenhill Road, Greenhill, NS B0K 2A0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
470Sqft
Royal LePage Atlantic - Valley(Windsor)
Enjoy country living within 40 min of Halifax and 15 min to Windsor! Builders take notice! Nine beautiful acres to be subdivided off of a larger parcel including 550 feet of road frontage on Greenhill Road !Also included in this parcel is a 1976 mobile home that has been remodeled and updated.
C$349000

Residential For Sale

612 Greenhill Road, Greenhill, NS B0K 2A0
Royal LePage Atlantic - Valley(Windsor)
3Bedroom(s)
1Bathroom(s)
C$349000

Residential For Sale

3646 Highway 331, Lahave, NS B0R 1C0

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
41Picture(s)
455Sqft
Engel & Volkers (Lunenburg)
C$298000

Residential For Sale

3646 Highway 331, Lahave, NS B0R 1C0
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
455Sqft
Engel & Volkers (Lunenburg)
Prepare to be impressed! Welcome to the "Nautical Nest", cute as a button, located in the scenic community of Lahave. Such a pretty drive along the Lahave River to this little piece of paradise, from the minute you turn on the stunning tree lined drive you will feel like you are entering the enchanted forest.
C$298000

Residential For Sale

3646 Highway 331, Lahave, NS B0R 1C0
Engel & Volkers (Lunenburg)
1Bedroom(s)
1Bathroom(s)
C$298000

Residential For Sale

31 Overcove Road, Freeport, NS B0V 1B0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
48Picture(s)
1,412Sqft
Exit Realty Town & Country
C$285000

Residential For Sale

31 Overcove Road, Freeport, NS B0V 1B0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,412Sqft
Exit Realty Town & Country
Welcome to this picturesque family home resting on a beautifully landscaped 1.15-acre lot in the quaint village of Freeport. Step inside and be greeted by 9-foot ceilings and a host of recent upgrades throughout. The fully renovated kitchen features a thoughtfully redesigned layout, Italian ceramic tile backsplash, soft-close cabinetry with convenient bottom drawers, SPC flooring, a 25-cu. ft.
C$285000

Residential For Sale

31 Overcove Road, Freeport, NS B0V 1B0
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$285000

Residential For Sale

144 Fraser Road, Granville Centre, NS B0S 1A0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,072Sqft
RE/MAX Banner Real Estate
C$429000

Residential For Sale

144 Fraser Road, Granville Centre, NS B0S 1A0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,072Sqft
RE/MAX Banner Real Estate
Welcome to this meticulously maintained one-owner home that offers a perfect blend of comfort, space and income potential. Nestled on a generous lot just over 2-acres, this property provides an oasis of tranquility. Step inside and you will find a warm and inviting interior featuring four well - appointed bedrooms, perfect for families or guests, maybe even a home office or children's playroom.
C$429000

Residential For Sale

144 Fraser Road, Granville Centre, NS B0S 1A0
RE/MAX Banner Real Estate
4Bedroom(s)
2Bathroom(s)
C$429000

Residential For Sale

102 Harold Silver Road, Lower Northfield, NS B4V 8R7

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
2,327Sqft
Engel & Volkers (Lunenburg)
C$809000

Residential For Sale

102 Harold Silver Road, Lower Northfield, NS B4V 8R7
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,327Sqft
Engel & Volkers (Lunenburg)
First time ever on the market! This cherished single-family home offers 4 bedrooms, 2 bathrooms, and stunning lake views, set on generational land. Lovingly built and maintained by one family, it's a rare chance to own a true legacy property. The home's thoughtful layout provides a perfect balance of open gathering areas and private retreats.
C$809000

Residential For Sale

102 Harold Silver Road, Lower Northfield, NS B4V 8R7
Engel & Volkers (Lunenburg)
4Bedroom(s)
2Bathroom(s)
C$809000

Residential For Sale

26 Pleasant Street, Wilmot, NS B0P 1W0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
39Picture(s)
1,290Sqft
Exit Realty Town & Country
C$349000

Residential For Sale

26 Pleasant Street, Wilmot, NS B0P 1W0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,290Sqft
Exit Realty Town & Country
Welcome to 26 Pleasant Street, Wilmot, a beautifully maintained bungalow offering comfort, accessibility, and convenience in a fantastic location. This charming home sits on a beautifully landscaped lot with mature trees, a circular concrete driveway, and a fenced-in backyard—perfect for kids, pets, or simply enjoying the outdoors in privacy.
C$349000

Residential For Sale

26 Pleasant Street, Wilmot, NS B0P 1W0
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$349000

Residential For Sale

65 Shore Road, Mount Pleasant, NS B0T 1K0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
42Picture(s)
2,716Sqft
EXIT Realty Inter Lake (Liverpool)
C$625000

Residential For Sale

65 Shore Road, Mount Pleasant, NS B0T 1K0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,716Sqft
EXIT Realty Inter Lake (Liverpool)
This beautiful 4-bedroom, 2-bathroom oceanfront home offers the perfect blend of privacy, space, and proximity to amenities. Set on nearly 6 acres of land with 143 feet of bold ocean frontage, this property is ideal for those seeking a peaceful coastal lifestyle, while being just a 3 minute drive from the charming town of Liverpool.
C$625000

Residential For Sale

65 Shore Road, Mount Pleasant, NS B0T 1K0
EXIT Realty Inter Lake (Liverpool)
4Bedroom(s)
2Bathroom(s)
C$625000
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